Paper F6 (CYP) Taxation (Cyprus) Tuesday 2 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

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1 Fundamentals Level Skills Module Taxation (Cyprus) Tuesday 2 June 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This paper is divided into two sections: Section A ALL 15 questions are compulsory and MUST be attempted Section B ALL SIX questions are compulsory and MUST be attempted Tax rates and allowances are on pages 2 4. Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. Do NOT record any of your answers on the exam paper. This question paper must not be removed from the examination hall. Paper F6 (CYP) The Association of Chartered Certified Accountants The Institute of Certified Public Accountants of Cyprus

2 SUPPLEMENTARY INSTRUCTIONS 1. Calculations and workings should be made to the nearest unless instructed otherwise. 2. All apportionments should be made to the nearest month. 3. All workings should be shown in Section B. TAX RATES AND ALLOWANCES The following tax rates and allowances for the year 2014 are to be used in answering the questions. Income tax 0 19,500 Nil 19,501 28,000 20% 28,001 36,300 25% 36,301 60,000 30% Over 60,000 35% Capital allowances Plant and machinery acquired in the years 2012, 2013 and % otherwise 10% Motor vans 20% Hotel, industrial and agricultural buildings acquired in the years 2012, 2013 and % otherwise 4% Other buildings 3% Computer hardware and operating software 20% Application software 33 3% Corporation tax All companies 12 5% Interest and surcharge on unpaid tax Interest on income and corporation tax assessments 4 5% p.a. (Interest is calculated on the basis of completed months. The same rate applies to overpayments of tax) Additional tax 5% of tax due PAYE assessments 4 5% p.a. plus surcharge of 1% per month Special defence contribution tax On dividends received (where applicable): 17% On interest received: standard rate: 30% reduced rate (applicable under specific circumstances) 3% On rental income (on 75% of the gross rental income) 3% 2

3 Value added tax (VAT) Registration limit 15,600 Deregistration limit 13,669 Standard rate: until 12 January % from 13 January % Reduced rates: until 12 January %, 8% from 13 January %, 9% Social insurance contributions Social insurance fund 7 8% Redundancy fund 1 2% Industrial training fund 0 5% Social cohesion fund 2% Central holiday fund 8% Maximum annual insurable income of monthly paid employees 54,396 Self-employed contributions 14 6% Capital gains tax Rate 20% Lifetime exemptions General 17,086 Agricultural 25,629 Residential dwelling restricted to land of 1 5 decares (1,500 square metres) 85,430 3 [P.T.O.

4 Retail Price Index for Capital Gains Purposes Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

5 Section A ALL 15 questions are compulsory and MUST be attempted Please use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet. Each question is worth 2 marks. 1 Which of the following disposals are chargeable disposals for capital gains tax purposes? (1) The gift to an adult child of a house in Limassol (2) The gift to an approved charity of a plot of land situated in Larnaka (3) The disposal to a friend of a painting worth 200,000 (4) The disposal to a friend of a plot of land in Limassol A 1 only B 4 only C 3 and 4 only D 2, 3 and 4 2 With reference to Cyprus tax, which of the following items do NOT have the force of law? (1) Internal tax manuals used by Department of Taxation staff (2) Interpretation by the courts (case law) (3) Tax circulars issued by the Department of Taxation (4) The laws enacted by the House of Representatives A 1 only B 1 and 3 C 3 and 4 D 1 and 2 3 On 10 December 2014, Designers Ltd received a gross dividend of 3,000 from Painters Ltd. Both companies are Cyprus companies and the dividend was paid out of Painters Ltd s trading profits. Which of the following correctly describes Designers Ltd s special defence contribution (SDC) liability in respect of the dividend received? A B C D The liability is 0 (the dividend income is exempt from SDC) SDC of 510 should have been deducted at source SDC of 510 is payable under self-assessment SDC of 600 is payable under self-assessment 4 In addition to his salary of 29,000, Andreas received the following income in 2014: Tips from customers 250 Interest received on a deposit with a Cyprus bank 100 Income tax repayment interest 30 What is Andreas s taxable income before the deduction of personal allowances for the year 2014? A 29,250 B 29,000 C 29,350 D 29,280 5 [P.T.O.

6 5 When deciding whether a transaction should be assessed to income tax or as a capital transaction, which of the following are relevant badges of trade to consider? (1) The frequency of similar transactions (2) Provision of own equipment (3) Profit-seeking motive (4) Changes to the asset/supplementary work A 1 and 4 only B 2 only C 1, 2 and 3 D 1, 3 and 4 6 Alikarnasos Ltd is a Cyprus tax resident company with a financial year ending 31 December. On 10 December 2014, it sold a shop for 350,000, including 90,000 relating to the value of land. The shop had been purchased on 1 September 2003 for 200,000, including 50,000 relating to the cost of land. What is Alikarnasos Ltd s balancing charge in respect of the shop disposal? A 49,500 B 159,500 C 66,000 D 115,500 7 Virginia Ltd, a manufacturing company, deducted 45,000 relating to donations to various approved charities in arriving at its trade profits for the year ended 31 December The 45,000 included an unpaid donation of 15,000, which was only paid in January The 45,000 also included a donation to the Cyprus government of 10,000. What is the amount to be added back when calculating Virginia Ltd s tax adjusted profits for the year 2014? A 0 B 15,000 C 25,000 D 45,000 8 Stavroula ordered some goods from Alaska Fish Ltd on 1 August The goods were despatched on 8 August On 4 September 2014, Stavroula received an invoice for the goods dated 2 September and she paid Alaska Fish Ltd on 16 September What is the tax point of the transaction for value added tax (VAT) purposes? A B C D 1 August 2 September 8 August 16 September 6

7 9 Argaka Ltd deducted the following items in arriving at its net profit for the year ended 31 December 2014: Gifts of trade samples to customers 850 Gifts of pens to customers one pen per customer at a cost of 4 50 each, bearing the company s logo 4,500 What is the amount which is allowable when calculating Argaka Ltd s tax adjusted profits for the year 2014? A 0 B 850 C 4,500 D 5, Which of the following are examples of direct taxes? (1) Capital gains tax (2) Special defence contribution (3) Value added tax (VAT) (4) Corporation tax A 1 and 4 only B 2 and 3 C 2 and 4 only D 1, 2 and 4 11 Koulla works for Nikodemos, a sole trader, as a salesperson for an annual salary of 26,000. On 30 September 2014, Koulla received a bonus of 2,000 as a result of good trading profits in the year ended 31 December Koulla is told that she will receive another bonus of 3,500 as a result of excellent trading profits in the year ended 31 December She finally receives the bonus of 3,500 in June What are Koulla s assessable earnings for 2014? A 26,000 B 28,000 C 29,500 D 31, Digenis Ltd holds 10,000 shares, listed on the Cyprus stock exchange, which were purchased for 30 cents each in the year On 31 December 2014, the value of the shares had reduced to two cents each. Digenis Ltd recognised the resulting valuation loss in its 2014 accounting profit. Digenis Ltd s accounting profit after tax for the year 2014 is 100,000. What is the amount which should be used as Digenis Ltd s accounting profit for the purposes of determining the deemed dividend distribution? A 100,000 B 97,000 C 102,800 D 97,200 7 [P.T.O.

8 13 The ABC partnership has recently disposed of chargeable immovable property. The immovable property is situated in Paphos, Cyprus and was owned jointly by all the partners. Which of the following statements correctly describes the capital gains tax position on the disposal of the immovable property by the ABC partnership? A B C D Capital gains tax is payable on the disposal by the partners assessed individually No capital gains tax is payable on the disposal Capital gains tax is payable on the disposal by the ABC partnership Capital gains tax is payable on the disposal by the partners assessed jointly 14 An employer who is exempted from the central holiday fund contributions employs Nikos for 1,000 per month. What is the total monthly amount of the social insurance contributions liability payable by both Nikos and his employer in respect of Nikos employment? A 173 B 193 C 273 D On which of the following items of expenditure is input value added tax (VAT) NOT recoverable? (1) Telephone or other office expenses incurred for private purposes (2) Business entertainment expenditure in respect of any person who is not an employee (3) The cost of a private saloon passenger motor car (4) Motor running expenses which had been incurred for business purposes A 3 and 4 only B 1 and 2 only C 1, 2 and 3 only D 1, 2, 3 and 4 (30 marks) 8

9 Section B ALL SIX questions are compulsory and MUST be attempted Please write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet. 1 Mr Pavlos bought a plot of land in March 1965 for 20,000. During January 1978 he commenced the construction of a house, which was completed in November 1979, at a cost of 50,000. The market value of the plot and the house on 1 January 1980 was 120,000. In February 1996, Mr Pavlos constructed a swimming pool at a cost of 25,000. On 1 January 2014, Mr Pavlos sold the plot of land together with the house for 700,000. A 5% agent s commission was paid to an approved estate agent on the disposal. Mr Pavlos had used the house as his main residence throughout the period of his ownership of the property. Since the day of purchase he has paid immovable property tax of 1,463 each year. Mr Pavlos has a capital loss of 10,000 brought forward from a previous sale of a plot of land. Mr Pavlos has not previously claimed any lifetime exemption. Required: (a) Calculate Mr Pavlos capital gains tax (CGT) liability on the disposal of the house on 1 January (8 marks) (b) State how and by when Mr Pavlos CGT liability (as calculated in (a)) should be paid. (2 marks) (10 marks) 9 [P.T.O.

10 2 Mrs Roulla commenced trading as a wholesaler on 1 June Her recorded monthly sales for the years 2013 and 2014 are as follows: Notes 2013 June 500 July 600 August 700 September 1,000 October 1,100 November 1,300 December 1 2, January 2 2,900 February 2,900 March 2,500 April 2,900 May 2,900 June 2,500 July 2,100 August 2,900 September 2,900 October 2,500 November 2,100 December 2,100 Notes: 1. The sales figure for December 2013 includes proceeds of 1,000 from the incidental disposal of some machinery. 2. From January 2014 onwards the sales figures include monthly rental income of 500 in respect of a house which Mrs Roulla rents out to tenants. Required: (a) (b) Determine the date from which Mrs Roulla will be required to compulsorily register for value added tax (VAT) and state the action she must take in order to register and the deadlines for doing so. (6 marks) Explain the conditions which must be met for input VAT to be deductible in the case of an ongoing business. Note: You are not required to discuss the issue of pre-registration VAT. (4 marks) (10 marks) 10

11 3 Andreas Markou and his wife, Androula Markou, have operated a confectionary shop for many years, but they have never kept proper books and records. In February 2015, the Department of Taxation demanded that Andreas submit details of his business and personal assets and liabilities, including those of his wife, for the period from 1 January 2009 to 31 December The following information relates to Andreas and Androula Markou for the relevant period: Notes 1 January December 2014 Deposits 5,000 32,000 Trade receivables (debtors) 1 10,000 45,000 Trade payables (creditors) 5,000 15,000 Inventory 22,000 35,000 Plant and machinery 40,000 50,000 Saloon cars 10,000 25,000 Business bank current account 30,000 15,000 Shop 100, ,000 Private house 2 100, ,000 Bank loan Capital improvements to the private house 3 25,000 Notes: 1. As at 31 December 2014, the trade receivables were as follows: Trade receivables 55,000 Less: General allowance for irrecoverable debts (10,000) 45, The house was purchased jointly by Andreas and Androula on 1 January 1999 for 100,000. During January 2012, the couple made some improvements to the house at a cost of 30,000. In 2011, an amount of 5,000 was spent on repairs and maintenance to the house. 3. The loan was taken out to finance the capital improvements to the house during January 2012 (note 2). For the period under examination, the interest paid on the loan was 12, For the period under examination: Andreas and Androula s living expenses were agreed with the Department of Taxation as 83,000. The couple paid income taxes, special contribution for the defence and social insurance payments of 32,000. Andreas father gave him a gift of 25,000 in cash. 5. Interest received by the couple during the period under examination was 3,000. Required: Prepare a capital statement (or net worth statement) for Andreas and Androula Markou for the period from 1 January 2009 to 31 December 2014, clearly showing the couple s total taxable income for the six-year period. (10 marks) 11 [P.T.O.

12 4 (a) Explain the obligations of a self-employed individual, whose total turnover exceeds the annual amount of 70,000, to keep books and records under the collection and assessment law. (3 marks) (b) Mr Marios submitted his income tax return for the year 2010 on 31 August The assessment for the year 2010, raised by the Department of Taxation on 22 January 2014, shows a tax refund of 550. This refund is as a result of the excess income tax deducted at source from Mr Marios employment income under pay as you earn (PAYE) over his tax liability for the year. The refund was paid to Mr Marios on 1 March Required: (i) State the due date of submission of Mr Marios income tax return for the year (1 mark) (ii) Calculate the interest payable to Mr Marios by the Department of Taxation on the tax refunded. Note: The rate of interest payable in respect of overpayments of tax in earlier years was as follows: Until 31 December % Until 31 December % (2 marks) (c) ABC Ltd submitted its income tax return for the year 2012 electronically on 31 August ABC Ltd paid temporary tax of 10,000 for the tax year 2012, but no further payments were made by the company. The Department of Taxation raised a discovery assessment on 10 November 2014, indicating additional tax payable of 5,000. ABC Ltd agreed with the assessment, and it paid the additional tax due on 12 December Required: Calculate the interest and/or monetary charges (if any) payable by ABC Ltd in respect of the tax year Note: The 5% additional tax should be ignored. (4 marks) (10 marks) 12

13 5 Sky Blue Ltd is a Cyprus tax resident company. For the year ended 31 December 2014, Sky Blue Ltd s net profit and turnover are 300,000 and 1,500,000 respectively. The following items have been taken into account when calculating the net profit of 300,000. Notes Rents received 40,000 Repairs to rented property (6,000) Dividends received from a Greek trading company 500 Interest received 1 7,000 Loss from the sale of listed securities (10,000) Profit from the sale of unlisted bonds 5,000 Cohesion fund contributions (12,000) Interest paid 2 (20,000) Saloon car expenses (5,000) Donation to an approved charity (1,000) Taxes paid 3 (12,300) Expenses for the issue of new shares (10,000) Entertainment expenses (16,000) Depreciation 4 (25,000) Notes: 1. Interest received during the year comprises: Gross interest received from a bank deposit account 2,000 Gross interest received from trade receivables (debtors) 5,000 7, Interest paid during the year comprises: Gross interest paid on trade payable (creditor) accounts 5,000 Interest paid on the late payment of income tax 3,000 Interest paid on a loan to acquire land held as an investment 12,000 20, Taxes paid during the year were: Provisional income tax paid 10,000 Immovable property tax 200 Special contribution for the defence tax 2,100 12, Depreciation was calculated on assets held by the company at 31 December 2014 as follows: (a) Office building acquired on 1 January 2000 for 140,000, including 40,000 for the value of the land. (b) Computer hardware acquired on 1 January 2012 for 15,000. (c) Office equipment acquired on 1 January 2012 for 40,000. (d) Saloon car acquired on 1 June 2002 for 30,000. (e) Shop acquired on 1 December 2000 for 60,000, including 15,000 relating to the cost of the land. Required: Calculate the corporation tax payable by/refundable to Sky Blue Ltd for the year ended 31 December Note: Your computation should commence with the net profit figure of 300,000 and should list all the items referred to in the question, indicating by the use of zero (0) any item which does not require an adjustment. (15 marks) 13 [P.T.O.

14 6 The following information relates to Danny Georgiou, an advertising consultant, and his wife, Artemis Georgiou, for the year ended 31 December Danny Danny is self-employed. For the year ended 31 December 2014, his turnover was 200,000 and his summarised profit and loss account was as follows: Notes Gross profit 98,500 Less: Expenses Irrecoverable debts 1 1,500 Office electricity 4,600 Depreciation 2 15,000 Motor expenses 3 5,600 Employee salaries 4 18,000 Office maintenance 1,600 Promotional gifts (bearing the logo of the business) given to customers 950 Donation to a political party 350 (47,600) Net profit 50,900 Notes: 1. The irrecoverable debt expense was made up as follows: Allowances carried forward: General 600 Specific 900 1,500 Less: Allowances brought forward: General 500 Specific 300 (800) 700 Non-trade debts written off 300 Trade debts written off 500 1, Depreciation for the year was made up as follows: Mercedes private saloon car acquired on 1 January 2009 for 100,000 10,000 Office furniture acquired on 1 January 2013 for 15,000 5,000 15, Motor expenses These all relate to the Mercedes private saloon car (Note 2). 4. Employee salaries The amount of salaries and relevant contributions not paid on time included within the 2014 expense was 2,

15 Artemis During 2014, Artemis received the following income: 1. Gross rents of 19,000 from the leasing of a shop acquired during 1999 for 140,000 including 20,000 for the cost of the land. During the year ended 31 December 2014, she paid 2,600 in interest on a loan she had taken out in order to buy the shop. 2. Gross interest from her bank deposit account held with the Bank of Cyprus of 10, Gross dividend income from a listed Cyprus company of 3, A profit of 65,000 on the disposal of a plot of land for proceeds of 120,000. In 2014, Artemis also paid a life insurance premium of 5,000 on a policy in her own name (the sum assured was 100,000). Required: (a) Calculate the income tax payable by Danny Georgiou for the year Notes: 1. Your computation should commence with the net profit figure of 50,900 and should list all the items referred to in the question, indicating by the use of zero (0) any item which does not require an adjustment. 2. Personal allowances should be ignored. (7 marks) (b) Calculate the income tax payable by Artemis Georgiou for the year Note: Your computation should list all the items referred to in the question, indicating by the use of zero (0) any item of exempt income. (5 marks) (c) Calculate the special contribution for the defence (SDC) payable by Artemis Georgiou for the year (3 marks) (15 marks) End of Question Paper 15

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